Kimberly-Clark to buy Tylenol maker Kenvue, target of Trump’s autism attacks, in a deal worth $48.7 billion

Giant American drugmaker Kimberly-Clark said it is set to buy Kenvue, the maker of Tylenol whose stock has been pummeled by allegations from the Trump administration that its signature pain reliever causes autism, in a deal with an enterprise value of $48.7 billion.

Shares of Kimberly-Clark fell 15% premarket on the news, while Kenvue rose 20%. 

Right off the bat, the deal could have a couple of obstacles standing in its way. Most notable would be the Trump administration, which could take aim at the merger, though the White House hasn’t commented on the deal yet.

And Kimberly-Clark’s precipitous stock drop already eats into the value that Kenvue shareholders would get in the deal: factoring in this morning’s premarket drop from Kimberly-Clark, the deal would value Kenvue at $18.42 a share. 

That’s below the $21.01-a-share consideration in the deal announcement for Kenvue, based on Friday’s closing prices. Kenvue’s stock was at $20.54 in early September before The Wall Street Journal broke the news that the Trump administration was planning to link Tylenol to autism. The stock has fallen 30% since then.

The companies said they have identified about $1.9 billion in cost savings in the first three years after the deal closes, which they expect to happen in the second half of 2026. The companies also said they had identified “approximately $500 million in incremental profit from revenue synergies.”